Jobs In Indiana

On Monday Fellows met with Scott Weber for another awesome session of our Informatics course.  Scott’s story is amazing enough in itself.  He headed Indiana’s first public software company as it went through its IPO back in 1994; he started an incubator five months before the dotcom bubble; and he started his first, although unsuccessful, company right out of college.  Today Scott has reduced his work week from 100 plus hours to just 60.  And, instead of leading companies he now advises them.  I would like to focus on several topics Scott passed to us that I found valuable. 

On Evaluating a New Business

Scott was asked to provide details on how he evaluates companies in his current roles.  Below are the top five takeaways.  I was really impressed with researching similar S-1 filings and finding their business model and copying aspects of it. 

1. Looking for a team that has already been there before
2. Evaluate and mimic similar S-1 filings
3. Market capacity to grow to 9 figure revenues
4. Stated company culture on first page of employee handbook
   • Expect drastic change every six months or less
   • Politics will not play a part in hiring or firing
   • Employees are expected to know their jobs better than their bosses
5. Revenue per employee of $200K to $300K

On Creating GOSPA’s

Scott also spoke to us on creating Annual Operating Plans in our work, personal, and professional paths.  The goal is to get all three of these to align and continue down a directed track towards success.  GOSPA stands for Goals, Objectives, Strategy, Priorities and Actions. 

On Hiring New Employees

• Searching for top 10 percenters that will ensure the organization always has more brain power than required at the current time
• Looking for individuals that are upwardly mobile , fast learners and agile
• Discovering people who know where they are going and this position is part of their trek
• The most important questions (no matter  age): “What do you want to be when you grow up!”

On HALO Angel Funding

HALO Capital Group has provided approximately $15 million to Central Indiana entrepreneurs.  Scott is a member of the 20 plus panel group of Angel investors.  Business plans are submitted on the HALO site.  All the business plan submissions are funneled down to the top two.  The top two are selected and chosen to present at the bi-monthly meeting in front of the 20 person panel.  The presentations are 20 minutes long with Q&A for another 10 minutes.  HALO Capital Group does not provide funding as an entity.  The funding is purely Angel and ranges from $100K to $1M.  Besides getting the capital required for continued growth, the entrepreneurs are also getting the intellectual power that has successfully run Central Indiana's top companies for several decades. 

The course is half way over and the quantity of learning/takeaways has been phenomenal.  This has been one of the most beneficial experiences the Fellowship has provided.

Over the past five days I have been to Techpoint’s Entrepreneur Bootcamp, Rose-Hulman’s Homecoming, and Mark Hill’s Informatics Class with Bill Godfrey.  Each of these had their own entrepreneurial twist. The Bootcamp was obviously centered on entrepreneurship, even better for me it was focused on starting up and decision making.  At Rose Hulman's Homecoming, I bumped into my close friend Chad Conway who is hosting the Inaugural Rose Startup this October.  And myself and 20 other Fellows picked Bill Godfrey’s mind for an hour and a half in a private session hosted by our own director Mark Hill. 

Techpoint’s Bootcamp

I will start with a few lessons from Bootcamp, however, before I get there allow me to set the stage.  I had never been to one of these or anything like it.  The Bootcamp was a full day’s work starting at 7:30 a.m.. and wrapping up around 5 p.m..  Personally, I think talking about starting a business and venturing out on one’s own is one of the more difficult things I have encountered physiologically.  There are countless ways for it to go astray, and the pressure/nerves that go along with such an endeavor can be an inhibitor to launch.  But, there was absolutely no pressure at this event; the environment was structured yet relaxed.  One of my favorite takeaways was from Michael Langellier.  Mike discussed before giving out any equity or really starting down the path, figure out how to split up the “Equity Pie.”  He also said make sure not to give too much up and protect from getting technical lock up where a lot of equity has been giving to someone for little work and they walk away.

My next big takeaway was don’t necessarily start by working toward a business plan that is extensive and takes many hours to draft.  Instead start with a one page Concept Overview.  If that is gaining traction work on a 10 page Venture Profile.  If the Venture Profile is being well received then spend the time, energy, and money to write the full 20-50 pages of a Business Plan.  I am already putting this to practice and finding it easier to gather my thoughts in a Concept Overview instead of attempting to tackle the burden of a Business Plan without a proven concept. 

Subsequently, several panelists spoke on prototyping versus a minimum viable product (MVP).  In the world of launching a product today that is in the tens of thousands of dollars, it was pleasing to be assured that a functional prototype is sufficient to raise capital.  Lastly hearing about the Indiana 21 Fund from Ryan Pfenniger of Elevate Venture was awesome. Techpoint’s Bootcamp was extremely beneficial as well as inspiring.  I would highly recommend it to anyone interested in starting a venture soon or in the near future. 

Rose’s Startup

At Rose’s Homecoming, I spoke to Chad Conway about Rose’s Startup registration which is open to both students and non-students.  It is on Rose’s campus on Saturday, October 27^th from 10 a.m. to 5 p.m.  October 13^th is the last day to sign up and the cost is $20 for non-students.  It is going to be focused on the initial startup process and bringing in a full cast of high potential and season vets to inspire.  If you are interested and not from Rose that is no problem at all.  The registration is open to all.

Bill Godfrey Informatics Class hosted by Mark Hill

Naturally, I saved the best for last.  I saw a lot of myself and echoes of my aspirations when hearing Bill Godfrey speak.  Bill was a Mechanical Engineering undergraduate who wanted more and was willing to take a risk.  He then went to business school and found passion in the software business between his first and second year while enrolled at Notre Dame.  One of the best things from this class has been the consistent message of entrepreneurship isn’t flashy and is a lot of hard work and late nights.  More importantly, the character of the individual(s) involved often mean success or failure of a new venture.  One of Bill’s key messages to us was “Good things happen to those who persevere.” 

Additionally, a few of my favorite things he mentioned were don’t measure income in two-three year chunks, shoot for five years and if possible stretch that out to 10 years.  Also, when looking for an initial product manager, find a dictator; however, be cautious because this doesn’t scale well.  He also cautioned us to raise funds appropriately when growing and utilize every dollar as effectively as possible.  If the money is available, it will be spent.  To conclude, even though Aprimo was truly novel, Bill advised us to not shy away from competition.  Early competition can help plant the seed and bring the market to its potential.  It is costly and time consuming to educate the consumer on a new industry.  The value of the service and delivery method are often what separates success from failure. 

Lastly, Mark covered a Capitalization Table and how equity/stock options are figured.  Mark cautioned us when negotiating to first ask if the company has a stock or equity option.  Later when the time is appropriate (likely months before year end reviews or later on in the interview process) ask if there are options available and if you can be included.  After negotiating options in your compensation package, there are several things to consider and utilizing the Cap Table is essential. 

1. Determine the Striking Price
2. How many $1.00 outstanding shares are there
3. What is the vesting schedule (typically 25%/year)
4. What is the Longevity, which are in place for tax considerations (typically 10 years)

Mark ran us through the following example.  The company is currently valued at $50M and there are 50,000,000 shares available.  The striking price is $1.00 (the lower the striking price the better).  You receive 10,000 stock options.  After 4 years you are fully vested and the company is valued at $100M.  How much money do you make when you execute your stock option into shares?  You only make the difference between the ending value ($100M) and starting value when you joined ($50M). Therefore, when the options are executed after four years they are worth $10,000.  Also note that during this time options do not receive dividends. When evaluating job offers or considering future employment, make sure to fully understand the value of options before accepting the offer and always always always be negotiating for more.

In late June, I started working at Angie’s List. Orr Fellows at Angie’s List are given the great opportunity to have Angie Hicks, the founder and CMO, as their executive-level mentor. I asked Angie if she would speak for our August Business Leader Meeting (BLM).

About once a month, Orr Fellows will gather to hear Indiana’s entrepreneurial and business leaders speak at BLM, which gives them the opportunity to learn from and network with top professionals in Indiana.

We were honored to have Angie Hicks take time to speak with us for over an hour during our August BLM.  All of the Orr Fellows came to Angie’s List and met outside in the courtyard area. Angie was able to speak with us in a very casual atmosphere.

Angie spoke to us about how Angie’s List was founded and how the Orr Fellowship began. I discovered that Angie Hicks was involved with initially helping start the Orr Fellowship. She also spoke about the purpose of the Orr Fellowship, and how it gives recent graduates job and networking opportunities in Indiana.

She gave us advice for our first major roles out of college with two of key points:  

·         No matter what job or task you are given, it is important to give it your top effort and to perform it the best way possible

·         Find a job you enjoy doing. You may not like every aspect of your job, but it is important appreciate and enjoy your overall work

We also learned how tough it can be to start a business. When starting the business, Angie went door to door selling memberships and gathering information. Afterwards, she would additionally take member phone calls and put together and mail regular publications to members.

Towards the end of the event, Orr Fellows were able to ask questions and interact with Angie. Afterwards, Angie took time to speak with Orr Fellows individually. This opportunity gave Orr Fellows the chance to network with one of Indiana’s well respected executives and gain first-hand knowledge of business experience and success.

Business Leader Meetings are one of the key benefits of the Orr Fellowship. We were able to gain key insights from meeting with Angie Hicks. I look forward meeting more leaders in Indiana with future BLM events.  

I recently graduated from DePauw University and started my journey with the Orr Fellowship a few short months ago. I heard about this program from one of the second-year fellows, and I was instantly drawn to the entrepreneurial spirit, the unique work experiences and the constant social and professional growth the Fellowship provides. This post kicks off the Informatics class blog series – one of the many unique experiences we’re able to take part in during our two-year tenure.

It’s not that I thought I would stop learning once I walked off DePauw’s campus, but I could not fathom the people I would encounter, the information I would acquire and lessons I would learn only a few months into this “real world.”  September showed up unexpectedly, and the Orr Fellowship has been jam packed with Career Fairs, Business Leader Meetings (BLM) and a director-led Informatics class (not to mention our day jobs!).

Lessons from Local Leaders

Just this week, the first-year Orr Fellows were invited into the Indiana Statehouse to meet with Gov. Mitch Daniels for our monthly BLM. Surrounded by paintings of governors before him, including Orr founder, Gov. Robert Orr, we spoke about Indiana’s past, present and future. We learned from the Governor that over the past few years, more college graduates have stayed in Indiana rather than left the state. Keeping talented graduates in the state is incredibly important to the state’s growth, and this is a huge part of the Fellowship’s mission. Indianapolis has grown immensely over the past couple of decades, and it has become a hub for start-ups and young professionals. It even made Forbes' list as one of the happiest cities for young professionals.

Continuous Growth

The excitement of this week doesn’t end there – Monday was the launch of our Orr Fellowship Informatics class, led by one of the Orr Fellowship directors, Mark Hill of Collina Ventures. About two dozen Orr Fellows filed into a room in the Speak Easy for class on Monday night (yes, during MNF) ready to learn as much as possible from established business leaders over the next few months.  We kicked it off with Developer Town founder, Michael Cloran, who titled his lecture, “Random Stories. Lessons Learned.” His title inspired the underlying theme of this post: the lives of individuals like Gov. Daniels and Cloran are not necessarily random stories, but incredible efforts made by young professionals that put them on tracks to success. There are reasons that individuals like this are where they are today, and these are the habits and practices we are striving to learn from and acquire.

After we listened to Michael’s unique and impressive post-graduate experiences that led him to become a restless entrepreneur, we asked what seemed to be the most relevant questions for us: Why Indy? And what should we take back from your early experiences and practice in our own lives? His answers were both reassuring and encouraging:

• The Midwest is much more welcoming than other areas, giving newcomers more comfort and opportunities for growth and success
• Build your reputation and credibility by sticking to your word
• Say “YES” to new challenges, projects and responsibilities – people who have changed the world are not the type of people who sit back and content with not taking action

Future Success

I was naïve in initially thinking the transition to the real world was going to be simple and straightforward. You leave college on top of the world, and then realize that Columbus did in fact discover the world is round…and much larger than believed.

After listening to these accomplished and inspiring leaders in Indiana, we can find comfort knowing there are different paths we may find ourselves on, both in our nearest and more distant future. We don’t need to know what our next job will be, which graduate program we’ll apply to or even what we’re eating for lunch this week. As long as we are determined, willing to work through the night, and yes, occasionally commit to eating PB&J six meals in a row, the possibilities are endless. All entrepreneurs jump and fall; and we’re here to learn what it takes to take that first jump.

1. How can I be sure I'll be happy in my career?


2. How can I be sure my relationships with my friends and family become an enduring source of happiness?


3. How can I stay out of jail?

Last week, I received a very interesting email. This message informed me that Mayor Ballard, and Governor Mitch Daniels would be paying a visit to Angie's List, my host company, the following day. As I drove up to the ever eclectic Angie's List campus the next morning, the energy was undeniable. The entire company was counting down the minutes until 9:15, when the two were scheduled to arrive. At about 9:00am, my department was buzzing was eagerness. We all walked over to the courtyard where a mix of employees, including many Orr Fellowship alumni, sat on hand-me-down picnic tables, looking on as Angie Hicks introduced the mayor and the governor.

The first statement Governor Daniels made was that he was proud of this organization and the impact it has made on the near east side of Indianapolis. As he continued his speech, I could not help but feel pride as well. I am proud to be a part of Angie's List. I am proud to be associated with one of the Best Places to Work in Indianapolis; a company that will be providing over 500 jobs in the city of Indianapolis in the next 5 years. I then looked around at all of the Orr Fellow alumni, and thought about their positions within Angie's List, as well as all of the entrepreneurial endeavors they work on after hours and the career opportunities they are pursuing.

I could not help but feel, in that moment, that I was beginning to fully realize the mission of the Orr Entrepreneurial Fellowship in Indiana. Angie Hicks, Co-founder of my host company, is motivating me to take a career risk. The current Orr Fellows and alumni I associate with, aside from their distinguished post-grad jobs, are motivating me to do more with my energy than just a 9-5 job. Governor Daniels and Mayor Ballard are motivating me to make a tangible impact on the city of Indianapolis.

As I left my office that day, my head was buzzing with opportunities to pursue around the city. I spent that evening sending emails and brainstorming how I could give back to this community that is offering so much to me during my fellowship experience. I found myself reaching out to connections I have already made through the Fellowship to offer help in various volunteer avenue. I was beginning to take advantage of post-graduate networking in Indianapolis. I am so fortunate to have the opportunity to experience the influence of city and state leaders just three short months out of college.

• Elevated my host company's social media presence across all channels
• Helped revamp my host company's blog plan & wrote a few posts
• Attended a concert at the Vogue
• Rode my new bike from my Woodruff Place apartment to Mass Ave downtown countless times
• Spent the weekend with the rest of the awesome Orr Fellows on our retreat at Bradford Woods--you guys rock!
• Written a few email marketing campaigns, one of which almost had a 40% open rate

• Cumulative 3.5 GPA or higher (students with as low as a 3.2 GPA will be considered if they have extensive leadership experience)
• Demonstrated leadership potential (leaders in on- and off-campus clubs/organizations/athletics)
• Strong interest in entrepreneurial business or organizational leadership
• An expected graduation date in 2012 with one or more undergraduate major
• Graduate of an Indiana college or university (or a native Hoosier graduating from any school around the country)

It seems like just yesterday that I graduated from Rose-Hulman Institute of Technology and took off for a month in Europe.  Coming back was difficult, but starting at Fifth Gear, an Ecommerce fulfillment company looking to double revenue in five years, and the Orr Fellowship Indiana was an abrupt trek back to reality.  However, it is great to be in a high-growth Indianapolis company, were the focus is on people.  Management recognizes that in order for profitable growth, new people will need to be brought on;  and brought on I was.   On my very first day with Fifth Gear I left before lunch to visit our 500,000 square feet warehouse location in Louisiana, Missouri.  Louisiana had the wonderful smells and feel of a small Middle American town with approximately a third of the town employed by Fifth Gear.  I toured the twin warehouses on the outskirts of town, less than two miles from the center!  The warehouse was hot and my stomach was growling for food, but the warehouse was never-the-less impressive.  With thousands of horse, house restoration and enough contact lenses to keep me seeing for life, I was prepared to whip out my Visa and go on a never-ending shopping spree. 

The next morning started with a delightful visit to a local favorite café called Daybreak, located a stone’s throw from the Mississippi River.  A pleasant man took our orders.  Delicious omelets, California style with spinach and feta cheese is what I got.  At the end of breakfast, a nightshift worker recognized our badges and gave us recommendations on how to improve the warehouse.  The recommendations were genuine and thorough.  After breakfast, it was back to the warehouse.  The community office that is shared by temporary visitors is quant with street views.  The information I attained over the next few days advanced my knowledge incredibly more than sitting in Indy for four days starring at my computer wondering, “What does this Operations Analyst role I have really mean.”  Later, I was invited to sit in on a freight meeting with our CEO, President, and VP of Operations; yet again emphasizing the honor it is to be an Orr Fellow.  Two more days of business meetings and shadowing carried on like this.  Except on the last day where we all splurged with homemade cinnamon donuts from Daybreak.  It was hands down the greatest donut these taste buds have experienced. 

The five hour ride back home allowed for reflection on what I learned, as well as a vital phone conference with my manager, we couldn’t find time to meet in Louisiana, further emphasizing exactly how important time is to growing companies.  I walked away with valuable insight of what Fifth Gear does, but more importantly I put a face with a name and each person I met was able to do the same.  The warehouse was hot, the restaurants were only opened a few nights a week, but the people had the right attitude needed for growth.  The people were friendly and everyone acknowledge my existence in passing.  It felt simply like home away from home.

In addition to my exciting new role with Fifth Gear on August 1^st the Orr Fellow crew met and I was placed in the Fellow Development Group.  The group plans the all-Fellow retreat coming up in mid-August, as well as, five personal and professional growth seminars throughout the next year.  Finally the group is responsible for smoothly transitioning our next class of Fellows.  Though starting “two” jobs in quick session was a brain shock, I am already seeing the benefits from both.  I am excited to spend more time with current Fellows and learn more about Ecommerce.

• Attended a Venture Club of Indianapolis meeting with Chris Palmer and an executive at my company. Our CEO spoke on the guest pannel.
• Helped develop my company's social media presence
• Worked on my salesforce database skills while sending messages out to customers
• Had a bbq pork sandwich and a beer in the office as part of our thirsty Thursday tradition.
• Wrote this post.

• Just adding people will no longer solve the problem:  Rob talked with us about how not too long ago, simply adding educated people to a country's workforce and not necessarily worrying about productivity gains within that workforce would bring about increases in economic growth for the country.  That day in age is long gone now and becoming more productive as a workforce with less resources is driving economic growth much more than simply adding another body to the stem.  
• Finding new and innovative ideas to solve big problems is as important now as it ever has been: Much of the time in conversation with Rob revolved around the issues that the Lilly Foundation has identified in education and health care and how they are trying to solve them.  One thing I found refreshing about his approach to solving issues was trying to find workable solutions on a small scale before advocating them on a large scale.  For example, in the education field, the Lilly Foundation doesn't try and solve entire country's problem in one big cash-flush solution, but instead they take small, but calculated, bets on Indianapolis and Indiana based initiatives that are innovative and take new approaches to solving problems of things such as getting more students to graduate and improving the quality of education.  Then if they see success in these smaller initiatives they advocate these solutions on a larger scale, thereby advocating for more proven and refined solutions then ones that are great in theory but may not be great in practice. 

5 tips for you to consider when tweeting:

1)      No redos on Twitter.  Consider what you are posting before you take the dive and send out your 140 character short story about how upset you are by @soandso and remember there is no effective means of recalling public tweets.  Once they are out there, they are part of the public domain and sure to be scrutinized and reflect upon you and your brand.

2)      Your tweets are owned by you.  Once tweeted, your posts are public domain and indexed for searches and linked back to you.  Don’t share anything you don’t want to be public information.  Save this for direct messages if absolutely necessary but remember that even direct messages can be retweeted.

3)      Tweet what is relevant to your brand.  As an individual you represent a brand and that brand can be YOU, your employer, your cause or any other number of things.  Make sure to keep this in mind when tweeting and keep your tweets relevant.  The last thing you want to do is destroy your personal brand because of what you have decided to tweet in the heat of a twitter war or lapse in judgment.

4)      Twitter is not Facebook.  Don’t use Twitter like you use Facebook.  Twitter is used to connect with people and to follow people of interest so you can stay in the conversation.  It is not simply a status update.  To be effective you have to use references and acknowledge individuals on a regular basis.  This may be a retweet, reply, use of hash tags (#) or simply posting relevant content.

5)      Twitter is best utilized via Twitter clients.  I personally use HootSuite which allows me to manage multiple accounts from one system while staying connected and engaged.  These clients also provide analytics and allow you to shorten URLs and easily schedule your tweets. 

Twitter is a highway of information and hopefully this will help you to more effectively consume and contribute to the vast amount of relevant information out there. 

Happy and safe tweeting!                                                                            
@zacworkman
 

The Orr Fellowship's ROTC took place in Indianapolis, Indiana, just a few days ago, and with all the wonderful new candidates to speak with, inspiring presenters,  and some great MCing by Bob Reish and Matt Lubbers, there was plenty to be excited about. My favorite part, however, was after the event had ended. The last candidates were trailing out and the hosts were gently herding the current fellows towards the exits while flipping the lights off behind us.

Outside, the conversations continued. For a good 30 minutes, almost twenty of the current fellows stood in the not-so-tropical Indiana night, catching-up, telling jokes, and making plans for both the short-term (weekend) and long-term (career). It was already late, we all had work in the morning, and we had already been together for nearly four straight hours. Yet somehow we were simply having too much fun enjoying each others company, conversing about business jobs in Indiana and pleasure, and bouncing our latest ideas off one another to be bothered.

To my left, the ever enthusiastic Jon Corwin rang out, saying he wished the candidates were still around, as this scene was the best example he could think of of what it really means to be a fellow. I had to agree.

I realize I have yet to make a splash on the Orr Fellowship blog (shame on me), but I’m hoping that – after reading this post – this will speak to not my lack of involvement with or enthusiasm for the Orr Fellowship, but quite the opposite.

As I read through the blog posts to date from my fellow Orr Fellows, it’s clear that this entire string highlights one reason after another why you should respect the organization’s goals and obvious deliverables (deliverables? Meaning: the network, connections, friendships, professional experience and education, exposure to executives and high-growth startups, entrepreneurial opportunities, and on and on…) – or even consider applying. It’s a team effort to grow and improve the Fellowship, which says something else about it. We have all either consciously or unconsciously acquired a sense of ownership of the program. Every new class of Orr Fellows has the potential to define the Fellowship further, which is intensely motivating.

In that same vein, one of the biggest themes between the two current classes of Orr Fellows (2009 and 2010) right now is collaboration and, more importantly, the power thereof. Orr Fellows are active and making an impact on the Indianapolis community. Matt Hunckler, with assistance from Jon Corwin and other Orr Fellow alumni, organizes Hackers & Founders, a group for entrepreneurs and developers passionate about startups and new opportunities. Max Yoder decided to help give the group some face time and wrote about it for the Indy Spectator (this tweet shows how the magic happens).


Speaking of Max, he’s also fairly active with his music alongside his job and Orr Fellowship activities. I (Lauren Weatherall) am working with a co-worker of mine in organizing Linking Indy Women, a networking group for women professionals looking to share and be inspired by others’ accomplishments. In short, a lot of great things are happening through collaboration and, often times, connections spurred by the Orr Fellowship serve as the catalysts for this kind of activity.
 

For brevity's sake, I won’t delve into further examples, but I will express my enthusiasm for the culture we, as Orr Fellows and motivated young professionals, are helping cultivate in Indiana. I'm surprising myself by how much I'm enjoying Indianapolis right now; I think it's partly because I can see and am part of some of the changes happening here. People are helping and connecting each other in the entrepreneurial scene (well, and just in general) and I'm finding myself constantly surrounded by positive energy. I can honestly say I have the Orr Entrepreneurial Fellowship to thank for that. Wherever you go and whatever you do, never underestimate the value in connecting and collaborating with people. Who you surround yourself with makes all the difference. If there's one thing I could share that I've learned in the past few months, that's it.